The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities +] Equity %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $5,500 cash earned. b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days. c. The company paid an assistant $1,400 cash as wages for the period. d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $700 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities +] Equity %3D Common Stock Accounts Accounts Cash Dividends Revenue Expenses %3D Receivable Payable a. %3D b. %3D Bal. %3D C. %3D Bal. %3D %3D d. Bal. %3! %3D e. Bal. %3D +++ +++ +++
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $5,500 cash earned.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Assets
Liabilities
Equity
%3D
+]
Accounts
Accounts
Common
Cash
Dividends
Revenue
Expenses
%3D
+]
Receivable
Payable
Stock
a.
+
%3D
b.
%3D
Bal.
%3D
%3D
C.
Bal.
%3D
d.
!!
Bal.
%3D
%3!
e.
Bal.
< Prev
9 of 13
Next >
++++ +
++++
+ + +](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F921e2b40-68bd-4c49-9f0b-117c05d106ba%2F666eb29e-d93f-4527-b59f-5b44d8a05288%2Fwedsyrl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $5,500 cash earned.
b. The company completed commission work for a client and sent a bill for $4,000 to be received within 30 days.
c. The company paid an assistant $1,400 cash as wages for the period.
d. The company collected $1,000 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $700 cash for this period's cleaning services.
Required:
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a
minus sign.)
Assets
Liabilities
Equity
%3D
+]
Accounts
Accounts
Common
Cash
Dividends
Revenue
Expenses
%3D
+]
Receivable
Payable
Stock
a.
+
%3D
b.
%3D
Bal.
%3D
%3D
C.
Bal.
%3D
d.
!!
Bal.
%3D
%3!
e.
Bal.
< Prev
9 of 13
Next >
++++ +
++++
+ + +
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education